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IAG Cargo revenue increases 8.8pc in 2nd quarter to US$284.4 million
IAG CARGO, without divulging profit figures, posted an 8.8 per cent second quarter year-on-year revenue increase to EUR€259 million (US$284.4 million).
"IAG Cargo revenue growth comes during a period of network expansion, with a capacity increase of 2.1 per cent," the company said.
Market conditions had been "challenging" in the second quarter, placing pressure on yields which decreased three per cent at constant exchange (rate) with volumes also finishing 2.1 per cent down year on year.
"Over the last three years IAG Cargo has been on a relentless drive to restructure our business and implement an operating model that performs well during market fluctuations," said IAG Cargo CEO Steve Gunning.
"On the back of a strong Q1 and a softer Q2 market, IAG Cargo has delivered a set of results that demonstrates the resilience and adaptability of our business.
"Successes over the quarter include a record growth in our Premium Product tonnage; the introduction of a simplified freight rate structure for our customers," he said.
Mr Gunning also spoke of the opening a new route into Kuala Lumpur and bringing two new Constant Climate stations online.
"We have also added 47 flights to our EuroConnector service, providing customers with a greater array of options for shipping goods into, around and out of Europe," he said.
While IAG Cargo was mum on profits, the group posted 39.4 per cent year-on-year operating profit increase to EUR530 in the second quarter.
"But revenue was down 1.2 per cent with passenger unit revenue down 6.6 per cent. Non-fuel unit costs were down 6.9 per cent while fuel unit costs were down 12 per cent," said IAG chief executive Willie Walsh.
"We said previously that profit improvement would be slower in the second quarter and we are on track to reach our full year targets.
"We continue to take cost out of the business, with both employee and supplier unit costs down at constant currency, and improvements in productivity levels," he said.
Mr Walsh said that at current fuel prices and exchange rates the outlook remains unchanged. IAG expects in 2015 to generate an operating profit in excess of EUR2.2 billion.
IAG Cargo is the single business created following the merger of British Airways World Cargo and Iberia Cargo in April 2011. In 2014, IAG Cargo had a commercial revenue of EUR€992 million. It has a combined workforce of more than 2,400 people covering a global network of over 350 destinations.
"IAG Cargo revenue growth comes during a period of network expansion, with a capacity increase of 2.1 per cent," the company said.
Market conditions had been "challenging" in the second quarter, placing pressure on yields which decreased three per cent at constant exchange (rate) with volumes also finishing 2.1 per cent down year on year.
"Over the last three years IAG Cargo has been on a relentless drive to restructure our business and implement an operating model that performs well during market fluctuations," said IAG Cargo CEO Steve Gunning.
"On the back of a strong Q1 and a softer Q2 market, IAG Cargo has delivered a set of results that demonstrates the resilience and adaptability of our business.
"Successes over the quarter include a record growth in our Premium Product tonnage; the introduction of a simplified freight rate structure for our customers," he said.
Mr Gunning also spoke of the opening a new route into Kuala Lumpur and bringing two new Constant Climate stations online.
"We have also added 47 flights to our EuroConnector service, providing customers with a greater array of options for shipping goods into, around and out of Europe," he said.
While IAG Cargo was mum on profits, the group posted 39.4 per cent year-on-year operating profit increase to EUR530 in the second quarter.
"But revenue was down 1.2 per cent with passenger unit revenue down 6.6 per cent. Non-fuel unit costs were down 6.9 per cent while fuel unit costs were down 12 per cent," said IAG chief executive Willie Walsh.
"We said previously that profit improvement would be slower in the second quarter and we are on track to reach our full year targets.
"We continue to take cost out of the business, with both employee and supplier unit costs down at constant currency, and improvements in productivity levels," he said.
Mr Walsh said that at current fuel prices and exchange rates the outlook remains unchanged. IAG expects in 2015 to generate an operating profit in excess of EUR2.2 billion.
IAG Cargo is the single business created following the merger of British Airways World Cargo and Iberia Cargo in April 2011. In 2014, IAG Cargo had a commercial revenue of EUR€992 million. It has a combined workforce of more than 2,400 people covering a global network of over 350 destinations.
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